Phyrex Ties Bitcoin’s Sharp Drop to Weekend Liquidity and Cascading Sales

Bitcoin (BTC) may have fallen sharply as concentrated selling met thin weekend liquidity, analyst Phyrex said, even as recent BTC transfers to exchanges showed no abnormality and net flows had not accumulated substantially.

Phyrex described the move as a cascading sell-off, saying it looked less like a large, organized dump or sales by long-term or early investors. His view echoes an earlier analysis of Saturday’s decline that also pointed to thin weekend liquidity.